Financial Performance - Total investment income for the three months ended September 30, 2024 increased by $13.2 million compared to the same period in 2023, primarily driven by higher interest income[338]. - Interest income for the three months ended September 30, 2024 was $77.4 million, up from $66.7 million in 2023, reflecting a higher income-bearing investment portfolio[337]. - Net investment income for the three months ended September 30, 2024 was $38.1 million, compared to $27.9 million in 2023[337]. - For the nine months ended September 30, 2024, total investment income increased by $14.8 million compared to the same period in 2023, driven by higher interest income[339]. - PIK income for the nine months ended September 30, 2024, was $7.5 million on total investment income of $219.6 million, compared to $2.1 million on total investment income of $204.6 million for the same period in 2023[368]. Investment Activity - The company made investments totaling $911.9 million in portfolio companies during the three months ended September 30, 2024, compared to $30.3 million in the same period of 2023[305]. - The net investment activity for the three months ended September 30, 2024, was $584.6 million, a significant increase from a net activity of $(42.6) million in the same period of 2023[305]. - The number of portfolio companies increased to 250 at the end of the period, up from 149 at the beginning of the period[305]. - Total invested capital since the IPO in April 2004 reached $25.2 billion across 783 portfolio companies[310]. - The company completed transactions with over 100 different financial sponsors since its inception[310]. Debt and Financing - Total debt obligations as of September 30, 2024, amounted to $1.7789 billion, with $350 million due within one year and $1.0719 billion due in three to five years[359]. - The fixed rate amount as a percentage of total debt was 1% as of September 30, 2024, compared to 0% at the end of 2023[308]. - The floating rate amount increased to $2.7 billion, representing 99% of total debt as of September 30, 2024[308]. - The total annualized cost of debt rose from 7.02% for the nine months ended September 30, 2023 to 7.47% for the same period in 2024[341]. - The Amended Senior Secured Facility increased lender commitments from $1.705 billion to $1.815 billion until December 22, 2024[312]. Legal Proceedings - On March 14, 2023, a complaint was filed against certain First Lien and Second Lien debt holders of Mitel in New York State Court, alleging breaches of lending agreements[381]. - The trial court granted defendants' motions to dismiss in part and denied them in part on December 5, 2023, with the trial currently in discovery[381]. - Plaintiffs and defendants have taken interlocutory appeals of the court's motion to dismiss ruling, which are pending[381]. - No reasonable estimate of possible loss can be made at this time regarding the legal proceedings[381]. - Other than the disclosed matter, the company is not currently subject to any material legal proceedings[382]. Portfolio Composition - As of September 30, 2024, the portfolio composition included 91% first lien secured debt, up from 89% as of December 31, 2023[308]. - Non-qualifying assets represented approximately 8.3% of the total assets of the company as of September 30, 2024[299]. - The company primarily invests in first lien senior secured loans to privately held U.S. middle-market companies, defined as those with less than $75 million in EBITDA[298]. - As of September 30, 2024, 93.6% of the Company's investments, amounting to $2.83 billion, were classified as Level 3[321]. Market Risks and Expectations - The company anticipates that its actual results could differ materially from forward-looking statements due to various risks and uncertainties[290]. - The estimated annual impact on net investment income from a 150 basis point increase in interest rates is $0.196 per share[376]. - The company believes its current cash and cash equivalents, short-term investments, and anticipated cash flows will be adequate to meet cash needs for daily operations for at least the next twelve months[356]. Expenses - Net expenses for the three months ended September 30, 2024 increased by $3.7 million, primarily due to a $5.9 million rise in interest and other debt expenses attributed to an increase in average debt outstanding from $1.44 billion to $1.72 billion[340]. - The company expects general and administrative operating expenses related to ongoing operations to increase moderately in dollar terms[303]. Valuation and Gains - The company recognized net realized gains of $0.5 million for the three months ended September 30, 2024, compared to net realized losses of $0.2 million in the same period of 2023[342][343]. - The net change in unrealized gains for the nine months ended September 30, 2024 was $1.8 million, primarily driven by write-offs of MSEA Tankers LLC and ViewRay[352]. - Significant realized losses for the nine months ended September 30, 2024 included $15.7 million from MSEA Tankers LLC and $7.1 million from ViewRay[346]. - Significant unrealized losses included ViewRay at $(3.3) million and Renew Financial LLC at $(1.8) million, while Merx Aviation Finance, LLC had an unrealized gain of $2.9 million[354].

Core Insights - The company reported a net investment income of $0.44 per share for the quarter ended September 30, 2024, a slight decrease from $0.45 per share for the previous quarter [1] - The net asset value (NAV) per share as of September 30, 2024, was $15.10, reflecting a 0.5% decline compared to June 30, 2024, after accounting for a special distribution of $0.20 per share related to recent mergers [1][3] - The company successfully closed mergers with Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc., acquiring investments totaling $596 million [1][3] Financial Performance - New investment commitments during the quarter amounted to $371 million, while gross fundings totaled $288 million [1] - The company achieved net fundings of $222 million for the quarter, including revolver fundings [1] - The net leverage ratio was reported at 1.16x as of September 30, 2024, down from 1.45x in the previous quarter [1][5] Dividend Declaration - On November 6, 2024, the Board declared a dividend of $0.38 per share, payable on December 26, 2024, to stockholders of record as of December 10, 2024 [2] Mergers and Acquisitions - The mergers with AFT and AIF were completed on July 22, 2024, with the company being the accounting survivor [3][18] - The mergers were accounted for under the asset acquisition method, resulting in the issuance of 28,527,003 shares of common stock to former AFT and AIF stockholders [19][20] Portfolio and Investment Activity - The total assets of the company as of September 30, 2024, were $3.22 billion, an increase from $2.55 billion as of June 30, 2024 [5][24] - The investment portfolio at fair value was reported at $3.03 billion, up from $2.44 billion in the previous quarter [5] - The company made significant investments in portfolio companies, totaling $911.9 million for the three months ended September 30, 2024 [7][25] Debt and Liquidity - As of September 30, 2024, the company's outstanding debt obligations totaled $1.779 billion, with a significant portion under the Amended Senior Secured Facility [13][14] - The available remaining capacity under the Facility was $697.3 million, subject to compliance with a borrowing base [13] Share Repurchase Program - The company did not repurchase any shares during the three months ended September 30, 2024, but has repurchased a total of 15,593,120 shares since the inception of the program [11]

NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the "Company") announced today that it has amended and extended its senior secured, multi-currency, revolving credit facility (the "Facility"). Lender commitments under the Facility total $1.660 billion, excluding non-extending lender commitments, an increase of $110 million. Lender commitments under the Facility total $1.815 billion, including $155 million of commitments from non-extending lenders which are ...

NEW YORK, Oct. 02, 2024 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the "Company") announced today that it will report results for the quarter ended September 30, 2024, prior to the opening of the Nasdaq Global Select Market on Thursday, November 7, 2024. The Company will also host a conference call on Thursday, November 7, 2024, at 8:30 a.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (800) 343-4136 approximately 5- 10 mi ...

MidCap Financial Investment (MFIC) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.44 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 4.65%. A quarter ago, it was expected that this investment company would post earnings of $0.43 per share when it actually produced earnings of $0.44, delivering a surprise of 2.33%. Over the last four ...

Financial Performance - Net investment income per share for the quarter ended June 30, 2024, was $0.45, an increase from $0.44 for the quarter ended March 31, 2024[1]. - Total Investment Income for the three months ended June 30, 2024, was $69,156,000, a slight increase from $68,616,000 for the same period in 2023, representing a growth of 0.8%[19]. - Net Investment Income for the six months ended June 30, 2024, was $58,084,000, compared to $58,333,000 for the same period in 2023, showing a decrease of 0.4%[19]. - Earnings per share (basic) for the three months ended June 30, 2024, was $0.35, down from $0.39 in the same period last year, a decrease of 10.3%[19]. - The company reported a net increase in net assets resulting from operations of $22,555,000 for the three months ended June 30, 2024, compared to $25,405,000 for the same period in 2023, a decrease of 7.3%[19]. Assets and Liabilities - Net asset value per share as of June 30, 2024, was $15.38, down from $15.42 as of March 31, 2024[1]. - Total assets as of June 30, 2024, were $2.55 billion, compared to $2.45 billion as of March 31, 2024[5]. - As of June 30, 2024, total assets amounted to $2,551,126,000, an increase from $2,501,331,000 on December 31, 2023[17]. - Total liabilities increased to $1,547,367,000 as of June 30, 2024, compared to $1,496,021,000 at the end of 2023[17]. Investments - New investment commitments during the quarter totaled $285 million, with gross fundings of $214 million and net fundings of $90 million[1]. - The company made investments totaling $245.4 million in the three months ended June 30, 2024, compared to $101.6 million in the same period of 2023[6]. - The number of investments in new portfolio companies increased to 18 in the three months ended June 30, 2024, from 12 in the same period of 2023[6]. - The company primarily invests in first lien senior secured loans to privately held U.S. middle-market companies, defined as those with less than $75 million in EBITDA[23]. Debt and Leverage - The company's net leverage ratio was 1.45x as of June 30, 2024, reduced to 1.13x following the mergers completed on July 22, 2024[1]. - Floating rate debt amounted to $2.1 billion, representing 100% of the total debt portfolio[15]. - The portfolio composition included 90% first lien secured debt and 1% second lien secured debt as of June 30, 2024[15]. - The company reported a total secured debt percentage of 91% as of June 30, 2024, consistent with previous quarters[15]. Distributions and Share Repurchases - A special distribution of $0.20 per share was declared on July 21, 2024, payable on August 15, 2024[1]. - The company has repurchased 15,593,120 shares at a weighted average price of $15.91, totaling $248.1 million, with $26.9 million remaining for future purchases[9]. - A special distribution of $0.20 per share of common stock was declared, payable on August 15, 2024[14]. Expenses - Total expenses for the three months ended June 30, 2024, were $39,882,000, slightly lower than $40,117,000 for the same period in 2023, a decrease of 0.6%[19]. - Management fees for the three months ended June 30, 2024, were $4,389,000, compared to $4,334,000 for the same period in 2023, an increase of 1.3%[19]. - Interest and other debt expenses for the three months ended June 30, 2024, were $26,992,000, up from $26,002,000 in the prior year, an increase of 3.8%[19]. - Management and performance-based incentive fees payable were reported at $9,962,000, down from $10,729,000 in the previous period[17]. Yield and Interest Income - The weighted average yield for first lien secured debt was 11.9% as of June 30, 2024, compared to 12.0% in the previous quarter[15]. - Interest income (excluding PIK interest income) from non-controlled/non-affiliated investments was $60,146,000 for the three months ended June 30, 2024, down from $61,826,000 in the prior year, a decline of 2.7%[19]. Realized Gains and Losses - Net realized gains (losses) for the three months ended June 30, 2024, were $(15,638,000), compared to $(165,000) for the same period in 2023, indicating a significant increase in losses[19].

Results for the Quarter Ended June 30, 2024 and Other Recent Highlights: ___________________ Net investment income per share for the quarter was $0.45, compared to $0.44 for the quarter ended March 31, 2024 Net asset value per share as of the end of the quarter was $15.38, compared to $15.42 as of March 31, 2024 New investment commitments made during the quarter totaled $285 million(1) Gross fundings, excluding revolver fundings(2), totaled $214 million for the quarter Net fundings, including revolvers(2), ...

Results for the Quarter Ended June 30, 2024 and Other Recent Highlights: ___________________ Net investment income per share for the quarter was $0.45, compared to $0.44 for the quarter ended March 31, 2024 Net asset value per share as of the end of the quarter was $15.38, compared to $15.42 as of March 31, 2024 New investment commitments made during the quarter totaled $285 million(1) Gross fundings, excluding revolver fundings(2), totaled $214 million for the quarter Net fundings, including revolvers(2), ...

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider MidCap Financial Investment (MFIC) . This company, which is in the Zacks Financial - Miscellaneous Services industry, shows potential for another earnings beat. When looking at the last two reports, this investment company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 4.65%, ...

MidCap Financial Investment (MFIC) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. ...